[Naejip Road] The First or Last Ride of the 'Gangbuk 1 Billion Won Apartment Price Era'... Seodaemun Central I-Park

National Pyeong (84㎡) Sale Price 1 Billion KRW
Seoul Center 'Quadruple Forest Zone' Advantage
Question Mark Bigger Than Transportation and School District Is Sale Price

◎Property Information: Seodaemun Central I-Park / 409 units for general sale (121 units for special supply) / Sizes: Exclusive area 49㎡, 59㎡, 75㎡, 84㎡, Sale price: 700 million to high 900 million KRW

Standing in front of Exit 1 of Hongje Station on Line 3, I opened a map app and set the main entrance of the construction site as my destination. I walked, thinking it was the way home after work.

I followed the shortest route guidance, but the first scenes I encountered were somewhat chaotic. On both sides of the narrow alley were various shops that seemed to have been in business for decades and old villas lined up. Soon, the Inner Ring Road appeared before me, feeling rough and imposing like any other overpass. After walking about 6 to 7 minutes, the various noises decreased and the surroundings became less crowded. It was a path along Hongjecheon Stream. It was flat all the way, so walking was not difficult. I crossed four crosswalks. It took exactly 19 minutes to reach the destination.

I had already researched the surrounding market prices, school districts, and convenience facilities in advance. It would be good to consider that it takes about 23 minutes to walk comfortably. Taking this into account, I looked back on the path I had walked. The first thought that came to mind was a question: "Is this really 1 billion KRW?"

Main entrance of the construction site in Hong Eun 13 District. It takes about 20 minutes on foot from Exit 1 of Hongje Station to this location.

The sale price of Seodaemun Central I-Park, which is about to be sold after redeveloping Hong Eun 13 District in Seodaemun-gu, Seoul, was set at 29.1 million KRW per 3.3㎡. For an 84㎡ unit, the price is in the high 900 million KRW range. Considering options and various additional costs, the price could reach the 1 billion KRW range. The neighboring complex, Bukhansan Doosan We've 1st Phase 84㎡, was traded at 990 million KRW in April. There is almost no difference between the market price and the sale price.

Nearby are Hong Eun Elementary School, Hongje Elementary School, and Inwang Middle School. Generally, these are not classified as excellent school districts. Major convenience facilities include NC Department Store Bulgwang Branch and Eunpyeong St. Mary's Hospital, but they are two and five subway stops away, respectively.

I looked around the construction site where blasting sounds frequently echoed. Since the complex is backed by the foothills of Bukhansan Mountain, it is located on a somewhat sloped area. The slope is quite noticeable even in the bird's-eye view. If the complex is located toward the rear, the walking effort would be considerable.

Only from now on, the Hongjecheon Stream is flowing.

I visited local real estate agencies. While opinions generally agreed that the sale price was somewhat high, the dominant view was that there would be no worries about a full sell-out. The greatest pride was the natural environment. Behind the complex is the foothill of Bukhansan Mountain, and in front is Inwang Mountain. To the west are Ansan and Baekryeonsan Mountains. It is a 'quadruple forest zone.' It can be seen as an optimal condition for weekend outings and light hiking. The well-maintained Hongjecheon Stream is also a major walking path and resting place for residents. The Pobangteo Market directly opposite the complex was a place used only by local residents but recently has seen a significant increase in visits from younger generations. Entertainment or leisure facilities that cause noise or traffic inconvenience are hard to find.

The location cannot be ignored either. It is in the heart of Seoul within a 5 km radius from Gwanghwamun. Although public transportation or cars are not very convenient for moving to Gwanghwamun, the physical location does not change. There is also a positive development to resolve inconvenient transportation: the Gangbuk Transversal Line. 'Ganho University Station (Seoul Women's Nursing University)' is currently the most mentioned, and if the project is confirmed, a '3-minute station zone' will become a reality.

The complex is located on a somewhat sloping area. A side road next to the construction site.

Seodaemun Central I-Park will be developed on a maintenance area of 36,000㎡ with 12 buildings ranging from 3 basement floors to a maximum of 15 floors, totaling 827 units (including 141 rental units). 409 units are planned for general sale. The sizes are composed of 49㎡ (7 units), 59㎡ (238 units), 75㎡ (23 units), and 84㎡ (141 units). Most union members chose the 59㎡ type, and since there are many units for general sale, aiming for royal floors and buildings is quite possible.

The opportunity is also wide open for those aiming for special supply. There are 121 units for special supply: 24 for institutional recommendation, 24 for multi-child families, 50 for newlyweds, 7 for elderly parent caregivers, and 16 for first-time homebuyers. Construction started in July 2021, and move-in is scheduled for November 2024. Redevelopment is active in surrounding areas such as Hong Eun 8, 8-1 Districts, 15 District, and the Court Complex. If the project proceeds smoothly, significant changes in the living environment are expected.

Construction site visible through the main entrance door

In summary, for buyers who do not prioritize transportation, education, or convenience facilities but value a quiet and comfortable environment and living in Seoul, Seodaemun Central I-Park can be considered one of the optimal places. However, after weighing various pros and cons, it ultimately comes down to the sale price issue. A Gangbuk standard unit (84㎡) priced at nearly 1 billion KRW. In a cooling subscription market, questions inevitably arise. The first-come, first-served sales method, a way to handle stubborn unsold units, is now happening in Seoul.

The competition rate of Seodaemun Central I-Park will be closely watched as a litmus test to gauge the future direction of the sales market. If it achieves a big hit after much controversy, it could mark the start of the 'Gangbuk standard unit 1 billion KRW era.' Conversely, if it fails, it could become a turning point in the sales market downturn. In that case, the 'Gangbuk standard unit 1 billion KRW era' may remain the peak of the real estate boom and a high ground difficult to surpass for some time.